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The company owns an 85% stake in the project.
The estimate gives both indicated and inferred classification totals a current 1.08Bt at 0.68% copper equivalent with a 0.3% copper equivalent cut-off, some 40% of which is in the indicated category, SolGold said in a release on Wednesday.
Furthermore, the deposit is estimated to contain some 5.2Mt of copper and 12.3Moz of gold, being 45% of it indicated. Higher-grade core is 120Mt at 1.8% copper equivalent, with 1.1% copper equivalent cut-off. An extra 100Mt at 1% copper equivalent is added to the high grade core if a 0.9% copper equivalent cut-off is used, said the company.
The MRE was based on 53,616m of drilling, or 84% of the 63,5000m drilled to date. Meanwhile, SolGold said assay results are still pending for a further 9,844m of drill core (16%) of the total.
"This maiden mineral resource estimate is a tremendous start and in our view by no means represents a final size or grade because the deposit is still growing," SolGold's CEO and managing director, Nick Mather, said in the release.
"That the maiden MRE is so big, achieved with so few drill holes and that such a large percentage is in the indicated category is testimony to the size of the system at Alpala," he added.
SolGold said it plans to announce updated MRE statements throughout the year.
In addition, the company is planning to immediately launch a preliminary economic assessment (PEA) at Alpala ahead of the pre-feasibility sudy (PFS) scheduled for commencement in late-2018.
Mather further said: "Unlike many producers, this project is unhedged to copper prices going into what we see as a copper bull market for some years to come. Along with Cascabel's extraordinary logistic and expected capital advantages in a progressive and constructive regulatory and fiscal environment plus the multiplicity of as yet untested targets, this all creates a very exciting outlook for SolGold."
SolGold was incorporated in 2005 and is based in Brisbane.